Forget the "no-coiners" - Wall Street's big boys are jumping on the Bitcoin bandwagon. A whopping 13 out of the top 25 hedge funds in the US have invested in spot Bitcoin ETFs during the first quarter, according to a recent River Report. This isn't a small-fry dipping their toes in the water - Point72, a heavyweight with $34 billion under management, revealed a $77.5 million investment in the Fidelity Wise Origin Bitcoin Fund (FBTC).

This is just the latest sign of a growing trend. Hedge fund titans like Paul Singer's Elliott Capital and Izzy Englander's Millennium Management have also publicly announced their Bitcoin ETF holdings. In fact, Millennium holds the top spot as the biggest institutional holder, boasting nearly $2 billion invested by the end of March.

While these investments might be a long-term play on Bitcoin's potential price rise, it's not just about hoping for a moon landing. Spot Bitcoin ETFs offer hedge funds a toolbox of strategies. They can be used for market making, hedging other holdings, generating returns, or even short-term trading. One thing's for sure: the growing involvement of hedge funds is a major sign of crypto's acceptance by traditional finance.

Bitcoin Price Predictions: To the Moon or Stuck in Orbit?

Speaking of price, opinions are flying as thick as bulls on Wall Street. Trading firm QCP Capital is bullish, forecasting a return to Bitcoin's glory days of $74,000. They point to a surge in large investors buying options contracts expiring in December, suggesting confidence in a price climb.

Technical analyst Rekt Capital is also optimistic. They believe Bitcoin has shaken off its post-halving jitters and is now accumulating, with selling pressure fading.

However, Michael Novogratz of Galaxy Digital Holdings throws some cold water on the party. He sees Bitcoin staying grounded in a $55,000 to $75,000 range for the current quarter. He expects the price to break free only if the Federal Reserve eases interest rates or the upcoming US elections bring clarity to crypto regulations.

So, what's the verdict? Only time will tell if Bitcoin blasts off or stays tethered to Earth. But one thing is clear: Wall Street is taking notice, and Bitcoin's future is looking increasingly intertwined with traditional finance.